Present here in large numbers business leaders and CEOs from Japan and India,
Senior officials of Keidanren, Jetro, NIKKI, CII, and NASCOM,
Speaking with the business community here after coming to Japan always gives me great pleasure. I still remember that for the last ten years I have been having detailed conversations with the entrepreneurs here. I understood your vision and learned many new things from you. In the last decade your intimacy towards India has been growing steadily over time.
Efforts of government of India at every level are such so as to change the business environment in the country in such a way that at every step you have a feeling of ease of doing business and ease of living.
Friends,
A few years ago I talked about making a mini Japan in India. It is a great pleasure for me that today you are working in India at a much larger level.
For many decades, there were about 1150 Japanese companies in India, however between the years 2014 to 2017, more than 200 new companies of Japan have started operating in India. These numbers are increasing day by day. You all deserve congratulations for this.
Today Japanese companies in India are working in areas from car manufacturing to communications and from infrastructure to services. This pleasant journey between India and Japan becomes even more pleasurable and result-oriented, for this also my congratulations to all of you.
Friends,
The spirit of co-existence of India and Japan is based on trust and our shared heritage, it is based on our intimacy. The foundation of close relationships between the two countries is this spirit and ritual.
This is the reason that during my first visit as a Prime Minister in 2014, we had decided that both countries will take this relationship to a new height by upgrading it to the level of Special Strategic and Global Partnership. Since then, the Hon'ble Prime Minister of Japan, Abe and I have been continuously meeting each-other. Prime Minister Mr. Abe and we together have overcome many business related obstacles between the two countries.
Friends,
Over last few years Japanese government has assisted in many of our ambitious infrastructure projects. Our Western Dedicated Freight Corridor is now about to be completed. After one year it will reach the state of being fully operational. Connected with it our project of Delhi-Mumbai Industrial Corridor is going on well with the cooperation of Japanese government and Japanese companies.
During last visit of Hon'ble Abe San to India, we decided to work together on High Speed Rail Project. India's first High Speed Rail project has started between Mumbai-Ahmedabad and work on this project is going on at a great pace.
Friends,
It has been almost four and half years since the formation of my government in India. During this period, issue related to business which have been on top of my priority list is - Ease of Doing Business. Its result is now in front of the world. In 2014, when I took over the reins of the government, India's position in World Bank’s Ease of Doing Business ranking was 142th. Now we are on hundredth rank and are still working on a very extensive scale to improve the rankings. We are taking one step after the other at the level of the federal government, at the level of State Government and at local government level. This will produce even better results in the coming years.
Such a big improvement has been made possible with quick and decisive actions, and changing archaic laws.
Here I would like to tell you another important thing. Government of India has started ranking of its 36 States and Union Territories to further promote Ease of Doing business.
There has been a major benefit because of this, that now there is healthy competition between the states, which has started to show very pleasant results.
Friends,
Capital investment is the need of our country. That is the reason we are taking sincere steps in the area of Ease of Doing Business. When capital investment will be created, new employment opportunities will be created for the unemployed, there will be improvement in the country's infrastructure, and value addition in agriculture, mineral, sea resources and all other natural resources of the country.
Our efforts to provide our citizens with the ease of living is an extension of the Ease of Doing Business.
Therefore, we have worked in the area of Ease of Doing Business using a super campaign. We achieved a lot of other things due to these super efforts:
• We have scaled up 21 places in the Global Innovation Index rankings of World Intellectual Property Organization .
• In World Economic Forum's Global Competitiveness Index, we have climbed 31 places in 2 years.
• India is firmly named in 10 FDI destinations listed by UNCTAD.
• In the last few years we have done quite a lot of reforms in the field of FDI. Today, we have become the most open economy in terms of FDI. More than 90 percent of permissions are now given on Automatic Route.
• The result is that our FDI has increased from $ 36 billion in the last 3 years to $ 60 billion.
• Today we are the fastest growing major economy of the world.
• Now we are an economy of $ 2.59 trillion. We are world’s sixth largest economy and soon to be the fifth largest economy.
At the domestic level, the commitment with which we have made reforms has resulted in changes in Indian economy such as:
• Its shifting from being an informal Economy to a formal economy.
• Transactions are now conducted online rather than on paper, which has led to increased stability and transparency.
• Transportation has become easy due to GST being implemented across the country and the Logistics sector has become stronger.
• Over the time we have been reducing corporate tax. There is a special focus so that MSME i.e. small industries derive maximum benefit out of it.
Demand of business class for Stability and Transparency in policies has now become the identity of the Government of India.
Friends,
During my first visit to Japan as the Prime Minister, I talked about setting up an organization named Japan Plus. I am very happy to say that JETRO and you all have used that system.
On this occasion, I would like to share another information. Japan Plus works with our Invest India. Just a few days back United Nations has rewarded Invest India with a global honor for its marvelous work.
Friends,
Fast growing economy of India, its rapidly growing middle class, rapidly growing urban population and our Young Demography provides a very wide scope to Japanese companies working here.
Let me give some examples-
In the last four years under special programs like Make in India we have progressed towards making India a Global Hub in the field of Manufacturing and Research.
There is a lot of potential especially for Japanese MSME companies to work in India. Here I would like to say that while every major Japanese company coming to India is welcome but through MSME also Japanese business leaders can take their business to new heights. The results for MSMEs are visible in less time.
One of the benefits of doing business in India is also the Low cost manufacturing. Behind it, is the Competitive Labor Cost which is a huge force in India.
Similarly our IT industry is also a big force. I have come here earlier and said it that if our software meets with your hardware, then I believe that we can create miracles in the world.
Not only this, India is rapidly moving towards industry 4.0 through new inventions in the field of technology like Artificial Intelligence, Internet of Things, 3D Printing, and Robotics etc.
Similarly, Electric Mobility is an area in which cooperation between India and Japan is going to prove to be extremely profitable for both countries.
Friends,
Apart from this, we are doing unprecedented work in India on Infrastructure too. Now our emphasis is on Next Generation Infrastructure. We intend that we create such a Competitive Economy whose foundations are Skill, Speed and Scale. To realize this idea, we are constantly trying to improve the investment climate.
Today, from this forum, I invite all of you for the vast business opportunities that are being created in India. I would like to give you some more examples of this immense opportunity:
• Our Sagarmala program through which we want to connect the coastal regions to the regional areas of the country is a great opportunity for you.
• A lot of new opportunities are also being created due to the Smart City program. We also want to introduce metro rail in 50 of our cities.
• Similarly our rail and road extension and modernization program is also very huge. We still have to build many high speed corridors.
• With the modernization of the existing ports and airports, establishment of new ports and airports is also on our agenda.
• Inland Water Transport and Green Energy is our new commitment and that too is a great opportunity for you.
• Our steel consumption is currently very low. Iron is also abundant. I want to produce high grade steel in India.
Friends,
Both India and Japan are strong supporters of democratic values and freedoms.
Also, there are many similarities in our approach and outlook to policies for development.
Apart from infrastructure and capacity building, there is strong potential for cooperation between Japan and India in third countries in health and agriculture sectors.
Therefore, whether it is Indo-Pacific or South Asia or Africa, India and Japan will strengthen their participation in the development of third countries on the basis of priorities of our partner countries.
With the entry of Japan into the International Solar Alliance, new partnership doors are open between our two countries on the topics of solar energy and climate change in third countries.
I am happy that in today’s meeting of the India Japan Business Leaders Forum many members of the forum presented a number of good ideas for enhancing the cooperation between Indian and Japanese businessmen in these areas in Africa.
Friends,
I've always been talking about Strong India - Strong Japan.
On this occasion I express our gratitude to Japan's entrepreneurial class for having special faith in India.
I would also like to invite all of you to increase the pace of investment in India.
I assure you that you will be helped in every possible way to further strengthen trade relations between Japan and India.
Once again I am very thankful to all of you for joining this event.
Thank you.